WATCHGUARD SECURITY: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
WATCHGUARD SECURITY
NACE 43.211, General electrical installation work
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€148,472
2024 · €53,198-€201,670
Equity
€333,998
2024 · €482,470-€148,472
Cash
€216,553
2024 · €142,723+€73,830
Balance sheet total
€5.9m
2024 · €6.4m-€539,683
Largest movements
Assets
- Financial fixed assets -€1.7m
down €1.7m (-39.0%), from €4.4m to €2.7m
- Intangible fixed assets +€1.5m
up €1.5m (+44557.7%), from €3,304 to €1.5m
- Stocks and contracts -€383,621
down €383,621 (-43.4%), from €883,835 to €500,214
of which Contracts in progress: -€341,936
- Receivables within one year -€118,235
down €118,235 (-15.9%), from €744,592 to €626,357
of which Trade receivables: -€151,873
- Tangible fixed assets +€93,711
up €93,711 (+38.2%), from €245,609 to €339,320
of which Leasing and similar rights: +€125,499
Equity and liabilities
- Short-term financial debts -€530,000
no longer reported in 2025 (was €530,000)
- Other debts +€396,104
up €396,104 (+20.9%), from €1.9m to €2.3m
- Advances received -€378,371
down €378,371 (-49.2%), from €769,658 to €391,287
- Accrued charges and deferred income +€237,608
up €237,608 (+230.8%), from €102,964 to €340,572
- Profit (loss) carried forward -€134,247
down €134,247 (-61.6%), from €218,045 to €83,798
Income statement
- Depreciation +€219,709
up €219,709 (+275.0%), from €79,896 to €299,605
- Gross operating margin +€168,070
up €168,070 (+7.7%), from €2.2m to €2.3m
- Staff costs +€144,237
up €144,237 (+7.7%), from €1.9m to €2.0m
- Financial income +€74,989
up €74,989 (+40534.6%), from €185 to €75,174
- Taxes +€43,773
up €43,773 (+122.0%), from €35,893 to €79,666
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€53,198
Gross operating margin
+€168,070
Staff costs
-€144,237
Depreciation
-€219,709
Write-downs
+€18,288
Other operating charges
-€21,127
Other operating items
-€12,934
Financial income
+€74,989
Financial charges
-€21,237
Taxes
-€43,773
Result 2025
-€148,472
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€869,999
Investment
-€169,708
Financing
-€626,461
Cash 2024
€142,723
From operations (derived)
+€869,999
Net result for the year
-€148,472
Depreciation
+€299,605
Stocks and contracts
+€383,621
Receivables within one year
+€118,235
Deferred charges and accrued income
-€18,240
Trade debts
+€92,242
Tax, wage and social debts
-€112,333
Advances received
-€378,371
Other debts
+€396,104
Accrued charges and deferred income
+€237,608
Investment (derived)
-€169,708
Investment in fixed assets (net)
-€169,708
Financing
-€626,461
Debts after one year
-€123,201
Current portion of long-term debt
+€26,740
Short-term financial debts
-€530,000
Cash 2025
€216,553
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,400,960 | €5,861,277 | -€539,683 | -8.4% |
| Fixed assets | 21/28 | €4,599,262 | €4,469,365 | -€129,897 | -2.8% |
| Intangible fixed assets | 21 | €3,304 | €1,475,492 | +€1.5m | +44557.7% |
| Tangible fixed assets | 22/27 | €245,609 | €339,320 | +€93,711 | +38.2% |
| Plant, machinery and equipment | 23 | €3,914 | €6,619 | +€2,705 | +69.1% |
| Furniture and vehicles | 24 | €78,662 | €55,512 | -€23,150 | -29.4% |
| Leasing and similar rights | 25 | €116,177 | €241,676 | +€125,499 | +108.0% |
| Other tangible fixed assets | 26 | €46,856 | €35,513 | -€11,343 | -24.2% |
| Financial fixed assets | 28 | €4,350,349 | €2,654,553 | -€1.7m | -39.0% |
| Current assets | 29/58 | €1,801,698 | €1,391,912 | -€409,786 | -22.7% |
| Stocks and contracts in progress | 3 | €883,835 | €500,214 | -€383,621 | -43.4% |
| Stocks | 30/36 | €177,625 | €135,940 | -€41,685 | -23.5% |
| Contracts in progress | 37 | €706,210 | €364,274 | -€341,936 | -48.4% |
| Amounts receivable within one year | 40/41 | €744,592 | €626,357 | -€118,235 | -15.9% |
| Trade receivables | 40 | €667,972 | €516,099 | -€151,873 | -22.7% |
| Other amounts receivable | 41 | €76,620 | €110,258 | +€33,638 | +43.9% |
| Cash at bank and in hand | 54/58 | €142,723 | €216,553 | +€73,830 | +51.7% |
| Deferred charges and accrued income | 490/1 | €30,548 | €48,788 | +€18,240 | +59.7% |
| Total equity and liabilities | 10/49 | €6,400,960 | €5,861,277 | -€539,683 | -8.4% |
| Equity | 10/15 | €482,470 | €333,998 | -€148,472 | -30.8% |
| Contributions | 10/11 | €158,000 | €158,000 | = | 0.0% |
| Capital | 10 | €158,000 | €158,000 | = | 0.0% |
| Issued capital | 100 | €158,000 | €158,000 | = | 0.0% |
| Reserves | 13 | €106,425 | €92,200 | -€14,225 | -13.4% |
| Non-distributable reserves | 130/1 | €15,800 | €15,800 | = | 0.0% |
| Legal reserve | 130 | €15,800 | €15,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,225 | - | -€14,225 | |
| Distributable reserves | 133 | €76,400 | €76,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €218,045 | €83,798 | -€134,247 | -61.6% |
| Amounts payable | 17/49 | €5,918,490 | €5,527,279 | -€391,211 | -6.6% |
| Amounts payable after more than one year | 17 | €1,692,309 | €1,569,108 | -€123,201 | -7.3% |
| Financial debts | 170/4 | €1,361,759 | €1,238,583 | -€123,176 | -9.0% |
| Other amounts payable | 178/9 | €330,550 | €330,525 | -€25 | 0.0% |
| Amounts payable within one year | 42/48 | €4,123,217 | €3,617,599 | -€505,618 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €253,423 | €280,163 | +€26,740 | +10.6% |
| Financial debts | 43 | €530,000 | - | -€530,000 | |
| Other loans | 439 | €530,000 | - | -€530,000 | |
| Trade debts | 44 | €365,222 | €457,464 | +€92,242 | +25.3% |
| Suppliers | 440/4 | €365,222 | €457,464 | +€92,242 | +25.3% |
| Advances received on contracts in progress | 46 | €769,658 | €391,287 | -€378,371 | -49.2% |
| Taxes, remuneration and social security | 45 | €310,201 | €197,868 | -€112,333 | -36.2% |
| Taxes | 450/3 | €56,776 | €35,395 | -€21,381 | -37.7% |
| Remuneration and social security | 454/9 | €253,425 | €162,473 | -€90,952 | -35.9% |
| Other amounts payable | 47/48 | €1,894,713 | €2,290,817 | +€396,104 | +20.9% |
| Accrued charges and deferred income | 492/3 | €102,964 | €340,572 | +€237,608 | +230.8% |
| Non-recurring operating income | 76A | €14,796 | €24,442 | +€9,646 | +65.2% |
| Remuneration, social security and pensions | 62 | €1,877,753 | €2,021,990 | +€144,237 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,896 | €299,605 | +€219,709 | +275.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,292 | -€20,580 | -€18,288 | -797.9% |
| Other operating charges | 640/8 | €10,967 | €32,094 | +€21,127 | +192.6% |
| Non-recurring operating charges | 66A | - | €12,934 | +€12,934 | |
| Gross operating margin | 9900 | €2,171,227 | €2,339,297 | +€168,070 | +7.7% |
| Operating profit (loss) | 9901 | €204,903 | -€6,746 | -€211,649 | |
| Financial income | 75/76B | €185 | €75,174 | +€74,989 | +40534.6% |
| Recurring financial income | 75 | €185 | €75,174 | +€74,989 | +40534.6% |
| Financial charges | 65/66B | €115,997 | €137,234 | +€21,237 | +18.3% |
| Recurring financial charges | 65 | €113,997 | €137,234 | +€23,237 | +20.4% |
| Non-recurring financial charges | 66B | €2,000 | - | -€2,000 | |
| Profit (loss) for the period before taxes | 9903 | €89,091 | -€68,806 | -€157,897 | |
| Income taxes | 67/77 | €35,893 | €79,666 | +€43,773 | +122.0% |
| Profit (loss) for the period | 9904 | €53,198 | -€148,472 | -€201,670 | |
| Transfer from tax-exempt reserves | 789 | - | €14,225 | +€14,225 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,198 | -€134,247 | -€187,445 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.